LIC Pension Plans: Jeevan Shanti, Jeevan Akshay-VI, Vaya Vandana Yojana Compared Here

Life Insurance Corporation (LIC) of India, the country's largest life insurer, offers pension plans besides offering insurance products like term insurance, endowment plans and money back plans. LIC Jeevan Shanti, Pradhan Mantri Vaya Vandana Yojana and LIC Jeevan Akshay-VI are among some of the pension plans being offered by the Life Insurance Corporation. LIC ensures pension payments (annuity) on an immediate or deferred basis on a monthly, quarterly, half yearly or yearly basis according to LIC's website - licindia.in. (Also Read: LIC New Jeevan Anand Insurance Policy: Premium, Sum Assured And Other Key Details)

Here is a comparison of pensions, premium and other benefits between LIC's Jeevan Shanti, Vaya Vandana Yojana And Jeevan Akshay-VI plans:

LIC Jeevan Shanti Plan

LIC's Jeevan Shanti plan is a single premium plan which can be purchased by paying minimum lump sum premium of Rs 1.5 lakh and it has no limit for the maximum purchase price.

Also Read: LIC Jeevan Pragati Policy: Sum Assured, Premium, Other Details Here

Policy holders get nine different annuity options to choose from. The various annuity options are as follows, according to information on LIC's website.

• Option A: Immediate annuity for life
• Option B: Immediate annuity with guaranteed period of 5 years and life thereafter
• Option C: Immediate annuity with guaranteed period of 10 years and life thereafter
• Option D: Immediate annuity with guaranteed period of 15 years and life thereafter
• Option E: Immediate annuity with guaranteed period of 20 years and life thereafter
• Option F: Immediate annuity for life with return of purchase price
• Option G: Immediate annuity for life increasing at a simple rate of 3 per cent per annum
• Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent of the annuity to the secondary annuitant on death of the primary annuitant
• Option I: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the Annuitant survives
• Option J: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of the last survivor

For instance an individual purchases Jeevan Shanti plan at the age of 45 with a deferment period of 20 years he/she will get the following annuity amount under the annuity option chosen by the policy holder.

Source: LIC

LIC's Pradhan Mantri Vaya Vandana Yojana (PM VVY)

LIC's Pradhan Mantri Vaya Vandana Yojana provides immediate pension for senior citizens of 60 years and above. It can be purchased by paying a lump sum amount, LIC said on its website.

The plan provides for pension payments for the policy term of 10 years, with return of purchase price at the end of 10 years.

Also Read: LIC Jeevan Labh Policy: Premium, Benefits, Sum Assured And Other Details Here

Pension payments can be availed by the subscriber on monthly, quarterly, half-yearly or yearly basis. In case of death of the subscriber the purchase price of the plan would be refunded to the legal heirs.

Here are minimum and maximum purchase price and corresponding pensions the subscribers would get on under different modes of pension: